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To apply for the State Bank of Pakistan (SBP) Regulatory Sandbox, start with the current cohort notice, then complete the official Annexure A application form and assemble the supporting material required by that notice. SBP listed a “Regulatory Sandbox—Second Cohort” notice on October 2, 2026, but the available listing does not establish the cohort’s deadline, eligibility terms, fee, or submission route. Check the live notice before filing; detailed submission instructions found in a separate SBP draft should not be treated as confirmed for this cohort.
What the SBP Regulatory Sandbox is—and is not
SBP describes the Regulatory Sandbox as a controlled environment for testing innovative financial products, services, and business models with regulatory guidance and safeguards before they go fully to market. It is a regulator-run testing program, not a general startup grant or permission to offer unrestricted services. SBP’s Innovation page
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Participation should not be treated as a permanent license, guaranteed approval, funding, or authorization for unrestricted commercial operation. The purpose is controlled testing before wider market entry.
Is the SBP sandbox open, and where should you apply?
SBP’s website listed “Regulatory Sandbox—Second Cohort” on October 2, 2026. The available listing confirms that the notice exists, but does not establish its application window, cohort-specific eligibility, fee, payment method, or submission channel. SBP official website
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Use the full, current cohort notice as the authority for whether applications are being accepted and how to submit them. Do not reuse a deadline or route from an older document. The official guidelines provide Annexure A, the SBP Sandbox application form; check the notice for any updated form or additional cohort requirements.
Who may be eligible?
The application form asks for information about the applicant organization, its registration and incorporation, applicable licenses or authorizations, countries of operation, management, sponsors, shareholders and ultimate beneficial owners (UBOs), integrity-related undertakings or disclosures, related companies, and contact details. Joint applicants are also asked for partner information. These are categories applicants must be ready to document; the form alone does not establish that a particular business type or applicant qualifies for the second cohort. Official Annexure A
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A separate SBP draft guideline describes joint applications involving multiple entities, including a foreign entity partnering with an SBP-regulated entity. It says incorporation documents and applicable licenses should be provided for each participating entity, and documents in languages other than English should be translated. Because those details come from draft guidance, confirm them against the final guidelines and current cohort notice before relying on them. SBP draft Regulatory Sandbox guidelines
Being part of the wider SBP Innovation Hub ecosystem is not, by itself, proof of Regulatory Sandbox eligibility. The Hub describes a broader set of participants, including banks, fintech startups, EMIs, incubators, universities, research institutes, payment-system operators and providers, and innovation hubs or regulators. SBP Innovation Hub
Documents and information to prepare
Use this as a preparation checklist, not a substitute for the current cohort notice. The official form is the primary source for applicant and ownership details. The more detailed attachment list below comes from a draft guideline and should be verified before submission.
- Official application form: Complete Annexure A with the legal and trade names, registration number, incorporation jurisdiction, operating countries, management, sponsors, shareholders and UBOs, related entities, liaison contact, website, licenses or authorizations where applicable, and partner particulars where relevant. The form says fields that do not apply may be left blank, and SBP may request more information. Official Annexure A
- Proposition and applicant description: The draft checklist calls for a description of the proposition and information about the applicant and UBOs. Draft guidelines
- Testing plan: The draft identifies a detailed testing plan as an attachment. As a practical preparation measure, explain the proposed test, target users, boundaries, safeguards, success measures, and exit plan clearly; verify the exact required contents in the live materials. Draft guidelines
- Corporate and regulatory records: The draft lists incorporation documents and a copy of the license where applicable. For a joint application, it says to provide these for each participating entity; confirm current requirements, including any translation requirements, in the final cohort materials. Draft guidelines
- Cover letter and fee evidence: The draft lists a cover letter signed by the CEO stating interest in testing the proposition and any request for regulatory relaxation, plus proof that the application-processing fee was submitted. The current fee amount and payment procedure are not established by the available cohort listing, so obtain them from the live notice rather than assuming the draft details remain current. Draft guidelines
Application steps
- Read the live second-cohort notice. Confirm whether applications are open, the deadline, eligibility conditions, any fee and payment method, the submission recipient or portal, and the forms and attachments required.
- Complete Annexure A. Use the official SBP Sandbox application form. Leave non-applicable fields blank as permitted by the form, and provide the requested ownership, management, licensing, contact, and partner details.
- Prepare the proposition and test plan. Describe what you want to test and make the proposed scope, users, safeguards, measures of success, and exit approach understandable. These are useful planning elements; verify whether the current notice prescribes specific plan contents.
- Assemble supporting records. Gather the corporate, licensing, ownership, cover-letter, and fee-submission materials required by the live notice. The draft checklist can help with preparation, but it is not a confirmation of current cohort requirements.
- Submit only through the route stated in the current notice. The draft guideline gives the email address regulatory.sandbox@sbp.org.pk and an address for the Director, Payment Systems Policy & Oversight Department, State Bank of Pakistan, 4th Floor, Main Building, I.I Chundrigar Road, Karachi–74000. These are draft-era instructions, not a verified route for the second cohort; confirm the recipient and method in the current official notice before sending an application. Draft guidelines
Regulatory Sandbox, Innovation Hub, or technical sandbox?
These names refer to different kinds of engagement. The Regulatory Sandbox is for controlled testing of an innovative financial proposition under regulatory guidance and safeguards. The Innovation Hub is a broader ecosystem and engagement channel; its participant categories do not define cohort eligibility. SBP’s Innovation Hub page has also described the Raast Technical Sandbox as a technical integration environment, but its status can change and it is not the same application as the Regulatory Sandbox. Check the relevant current SBP page for the route that matches your purpose. SBP Innovation · SBP Innovation Hub
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